NextEra Energy Partners LP Stock Forecast
NextEra Energy Partners LP stock downgraded from Strong Buy Candidate to Hold/Accumulate after Monday trading session.
(Updated on May 06, 2024)
The NextEra Energy Partners LP stock price fell by -1.26% on the last day (Monday, 6th May 2024) from $30.91 to $30.52. During the last trading day the stock fluctuated 3.76% from a day low at $29.55 to a day high of $30.66. The price has risen in 6 of the last 10 days and is up by 11.14% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -801 thousand shares and in total, 2 million shares were bought and sold for approximately $64.13 million.
The stock lies in the upper part of a wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $30.93 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 3.38% during the next 3 months and, with a 90% probability hold a price between $28.15 and $31.97 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
NEP Signals & Forecast
The NextEra Energy Partners LP stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $29.44 and $28.58. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, May 03, 2024, and so far it has fallen -1.26%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for NextEra Energy Partners LP stock
On the downside, the stock finds support just below today's level from accumulated volume at $28.77 and $28.61. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, NextEra Energy Partners LP finds support just below today's level at $28.77. If this is broken, then the next support from accumulated volume will be at $28.61 and $27.00.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.11 between high and low, or 3.76%. For the last week, the stock has had daily average volatility of 4.08%.
Our recommended stop-loss: $29.29 (-4.04%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (NEP) For The Upcoming Trading Day Of Tuesday 7th
For the upcoming trading day on Tuesday, 7th we expect NextEra Energy Partners LP to open at $30.24, and during the day (based on 14 day Average True Range), to move between $29.41 and $31.63, which gives a possible trading interval of +/-$1.11 (+/-3.65%) up or down from last closing price. If NextEra Energy Partners LP takes out the full calculated possible swing range there will be an estimated 7.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $30.91 (1.28%) than the support at $28.77 (5.73%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is NextEra Energy Partners LP stock A Buy?
NextEra Energy Partners LP holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Hold/Accumulate candidate.
Current score: 0.607 Hold/Accumulate Downgraded
Predicted Opening Price for NextEra Energy Partners LP of Tuesday, May 7, 2024
| Fair opening price May 7, 2024 | Current price |
|---|---|
| $30.24 ( 0.91%) | $30.52 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NEP
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 31.35 | 2.73 % | |
| R2 | 30.93 | 1.34 % | ||
| R1 | 30.67 | 0.483 % | ||
| Current price: | 30.52 | |||
| Support | S1 | 29.82 | -2.30 % | |
| S2 | 29.56 | -3.15 % | ||
| S3 | 29.13 | -4.54 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 30.91 | 1.28 % | ||
| Current price | 30.52 | |||
| Support | S1 | 28.77 | -5.73% | |
| S2 | 28.61 | -6.26% | ||
| S3 | 27.00 | -11.53% |
NEP Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 23, 2024 | May 06, 2024 | May 15, 2024 | $0.89 | 2.92% |
| 2 | Jan 24, 2024 | Feb 05, 2024 | Feb 14, 2024 | $0.88 | 3.11% |
| 3 | Oct 24, 2023 | Nov 03, 2023 | Nov 14, 2023 | $0.87 | 3.56% |
| 4 | Jul 24, 2023 | Aug 03, 2023 | Aug 14, 2023 | $0.85 | 1.81% |
| 5 | Apr 24, 2023 | May 04, 2023 | May 15, 2023 | $0.84 | 1.36% |
FAQ
Click here for our free guide on how to buy NextEra Energy Partners LP Stock.
